Investing

14 IPOs in the Hopper for the Week of November 10

IPO
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Of 13 scheduled initial public offerings (IPOs) last week, seven made the grade, four were delayed and one was postponed. Including the holdovers, there are 14 IPOs to look forward to in the coming week.

IPO exchange traded fund manager Renaissance Capital reports that 243 IPOs have priced in the U.S. so far this year, up about 25% from a year ago. Total proceeds raised come to $76.5 billion, up 63% from 2013. In the month of October, IPO proceeds totaled $5.8 billion. Proceeds for the first week of November totaled $1.7 billion. The 2013 IPO total came in at $54.9 billion, the highest total in the past 10 years.

Here are the 10 new IPOs on tap for the week:

Axalta Coating Systems Ltd. makes and markets high-performance coating systems. The company plans to offer 45 million shares in a price range of $18 to $21, raising about $877.5 million at a market cap of about $4.38 billion. Joint bookrunners on the offering include Citigroup, Goldman Sachs, Deutsche Bank, J.P. Morgan, Bank of America Merrill Lynch, Barclays, Credit Suisse and Morgan Stanley. Co-managers are Jefferies, UBS Investment Bank and Baird. The IPO is set to price on Tuesday and begin trading Wednesday on the New York Stock Exchange (NYSE) under the ticker symbol AXTA.

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Navios Maritime Midstream Partners L.P. is a spin-off from Navios Maritime Partners L.P. (NYSE: NMM) and will own and operate crude oil tankers under long-term employment contracts. The company plans to offer 8.1 million partnership common units in an IPO price range of $19 to $21 to raise $162 million at a market cap of about $187 million. Joint bookrunners are Merrill Lynch, Citigroup, J.P. Morgan, Credit Suisse and Wells Fargo Securities. Co-managers are Deutsche Bank and S. Goldman Advisors. The IPO is scheduled to price on Wednesday and common units begin trading Thursday on the NYSE under the ticker symbol NAP.

NeuroDerm Ltd. is a clinical-stage pharmaceutical company developing next-generation treatments for central nervous system disorders. The company plans to offer 4.5 million shares in a price range of $13 to $16, raising about $65.3 million against a market value of about $238 million. Joint bookrunners are Jefferies and Cowen. Co-managers are Oppenheimer and Roth Capital. The stock is scheduled to price Wednesday and to begin trading Thursday on the Nasdaq under the ticker symbol NDRM.

PRA Health Sciences Inc. is a global contract research organization that provides outsourced clinical development services to the biotechnology and pharmaceutical industries. The company plans to offer 18.6 million shares in an IPO price range of $20 to $23 to raise $400 million at a market cap of $1.23 billion. Joint bookrunners for the offering include Jefferies, Citigroup, KKR, UBS Investment Bank, Credit Suisse and Wells Fargo Securities. Co-managers are Baird and William Blair. The stock is set to price on Wednesday and to begin trading Thursday on the Nasdaq under the ticker symbol PRAH.

eHi Car Services Ltd. is a car services and rental provider based in Shanghai. The firm plans to offer 10 million American depositary shares (ADS) in an IPO price range of $12 to $14, raising $130 million at a market cap of about $740 million. Each ADS represents two shares of common stock. Joint bookrunners for the offering are J.P. Morgan and Goldman Sachs (Asia). The ADSs are scheduled to price on Thursday and to begin trading Friday on the NYSE under the ticker symbol EHIC.

FibroGen Inc. is a research-based, biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutic agents to treat serious unmet medical needs. The company plans to offer 7.1 million shares in an IPO price range of $16 to $19 to raise $124.3 million at a market cap of about $974 million. Joint bookrunners are Goldman Sachs, Citigroup and Leerink Partners. Co-managers include RBC Capital Markets, Stifel and William Blair. Shares are scheduled to price on Thursday and to begin trading Friday on the Nasdaq under the ticker symbol FGEN.

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Landmark Infrastructure Partners L.P. is a master limited partnership formed by Landmark Dividend to acquire, own and manage a portfolio of real property interests that are leased to companies in the wireless communication, outdoor advertising and renewable power generation industries. The company plans to offer 3 million common units representing limited partner interests at an offering price of $19 to $21 to raise $60 million at a market value of around $94 million. Joint bookrunners are Baird, Raymond James and RBC Capital Markets. Janney Montgomery Scott is co-manager. The common units are scheduled to price on Thursday and to begin trading Friday on the Nasdaq under the ticker symbol LMRK.

PolyPid Ltd. is an Israel-based specialty pharmaceutical company engaged in research and development of product candidates based on its proprietary drug delivery technology. The company plans to offer 1.8 million shares in an IPO price range of $10 to $12 to raise $20 million at a market cap of $103 million. Manager of the offering is Aegis Capital and co-managers are MLV and Chardan Capital Markets. The shares are expected to price on Thursday and to begin trading Friday on the Nasdaq under the ticker symbol PLPD.

Virgin America Inc. is a premium-branded, low-cost airline based in California that provides scheduled air travel in the continental United States and Mexico. The company plans to offer 13.3 million shares in an IPO price range of $21 to $24, raising $300 million at a market cap of around $1.02 billion. Joint bookrunners are Barclays and Deutsche Bank. Co-managers include Merrill Lynch, Cowen, Goldman Sachs, Imperial Capital, LOYAL3 Securities and Raymond James. Shares are set to price on Thursday and to begin trading Friday on the Nasdaq under the ticker symbol VA.

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S1 Biopharma Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel, first-in-class therapies for sexual dysfunction. The company plans to offer 2.8 million shares in an IPO price range of $12 to $14 to raise about $36 million at a market cap of around $119 million. The sole bookrunner is MLV. Shares have no scheduled pricing date other than the week of November 10, and they will be traded on the Nasdaq under the ticker symbol SXB.

Here are the four IPOs delayed from last week that have been rescheduled to this week:

CVSL Inc., a direct sales/micro-enterprise company building an online community of entrepreneurs and their customers, is changing its listing from the OTCQX marketplace to the NYSE MKT. The company recently effected a 20-for-one reverse split and plans to offer 6.7 million shares of common stock at $13 per share under the ticker symbol CVSL. Shares are currently trading on the OTCQX under the ticker symbol CVSLD. Joint managers for the offering are Cantor Fitzgerald, JMP Securities and Janney Montgomery Scott.

Harmony Merger Corp. is a blank check company that plans to offer 10 million units (one share of common stock and one warrant to purchase three-quarters of one share of common stock on the consummation of an initial business combination) at $10 per unit to raise $100 million. The sole underwriter of the offering is Cantor Fitzgerald. Units are now expected to price and begin trading in the week of November 10 on the Nasdaq under the ticker symbol HRMNU. More details are available in the company’s amended Form S-1 filing.

The Joint Corp. is a franchisor of chiropractic clinics that operate on a non-insurance, cash-based model. The company plans to offer 3 million shares of stock in an IPO price range of $9 to $11, raising $30 million at a market cap of about $92 million. Joint bookrunners are Roth Capital and Feltl and Company. Sanders Morris Harris is co-manager. The shares are expected to price and to begin trading in the week of November 10 on the Nasdaq under the ticker symbol JYNT.

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Viking Therapeutics Inc. is a clinical-stage biopharmaceutical company based in California focused on developing therapies for metabolic and endocrine disorders. The company first planned its IPO for the week of September 22. Viking plans to offer 5 million shares in a price range of $10 to $12, raising $55 million at a market cap of about $167 million. The IPO continues to be listed as day-to-day. Shares will trade on the Nasdaq under the ticker symbol VKTX.

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